8-K 1 abf04he1_dec.txt DECEMBER 8K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D. C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 27, 2004 ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2004-HE1 Trust (Exact name of registrant as specified in its charter) Nevada (governing law of 333-108551-10 54-6636485 Pooling and Servicing Agreement) (Commission 54-6636486 (State or other File Number) 54-6636411 jurisdiction IRS EIN of Incorporation) c/o Wells Fargo Bank, N.A. 9062 Old Annapolis Road Columbia, MD 21045 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (410) 884-2000 (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act(17 CFR 240.13e-4(c)) ITEM 8.01 Other Events On December 27, 2004 a distribution was made to holders of ASSET BACKED FUNDING CORPORATION, Asset Backed Certificates, Series 2004-HE1 Trust. ITEM 9.01 Financial Statements and Exhibits (c) Exhibits Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-HE1 Trust, relating to the December 27, 2004 distribution. Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ASSET BACKED FUNDING CORPORATION Asset Backed Certificates, Series 2004-HE1 Trust (Registrant) By: Wells Fargo Bank, N.A. as Master Servicer By: /s/ Beth Belfield as Assistant Vice President By: Beth Belfield as Assistant Vice President Date: 12/30/2004 INDEX TO EXHIBITS Exhibit Number Description EX-99.1 Monthly report distributed to holders of Asset Backed Certificates, Series 2004-HE1 Trust, relating to the December 27, 2004 distribution. EX-99.1

Asset Backed Funding Corporation ~~Mortgage~~Asset ~~Pass-Through~~Backed Certificates Record Date: 1011/3130/2004 Distribution Date: 1112/2627/2004 ~~ABFC~~Asset Backed Funding Corporation Asset Backed Certificates Series: 2004-HE1 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 Telephone: (301) 815-6600 Fax: (301) 815-6660 Certificateholder Distribution Summary Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution A-1 04542BJK9 SEN 2.~~06250~~31000% ~~278~~252,~~242~~621,~~849~~957.6503 ~~510~~502,~~052~~467.5933 2520,~~620~~045,~~892~~001.6234 A-2 04542BJL7 SEN 2.~~25250~~50000% 346,754,000.00 ~~694~~746,~~197~~425.8611 0.00 A-3 04542BJM5 SEN 2.~~46250~~71000% 68,976,000.00 ~~150~~160,~~963~~950.2539 0.00 M-1 04542BJP8 SUB 2.~~53250~~78000% 45,594,000.00 ~~102~~109,~~625~~138.2331 0.00 M-2 04542BJQ6 SUB 3.~~08250~~33000% 36,131,000.00 98103,~~987~~597.43 0.00 M-3 04542BJR4 SUB 3.~~28250~~53000% 9,033,000.00 2627,~~353~~455.2263 0.00 M-4 04542BJS2 SUB 3.~~63250~~88000% 8,603,000.00 2728,~~774~~741.9030 0.00 M-5 04542BJT0 SUB 34.~~78250~~03000% 8,603,000.00 2829,~~921~~852.8443 0.00 M-6 04542BJU7 SUB 5.~~43250~~68000% 8,603,000.00 4142,~~538~~074.1090 0.00 M-7 04542BJV5 SUB 5.~~43250~~68000% 2,581,000.00 12,~~461~~622.9196 0.00 M-8 04542BJW3 SUB 5.~~43250~~68000% 6,022,000.00 29,~~076~~451.1994 0.00 M-9 04542BJX1 SUB 5.~~43250~~68000% 5,161,000.00 2425,~~919~~241.0003 0.00 CE ABF4HE1CE SEN 0.00000% 7,312,305.44 2,~~300~~103,~~739~~762.3975 0.00 R-1 ABF4HE1R1 SEN 0.00000% 0.00 0.00 0.00 R-2 ABF4HE1R2 SEN 0.00000% 0.00 0.00 0.00 P ABF04HE1P SEN 0.00000% 0.00 ~~373~~262,~~885~~553.2909 0.00 Totals ~~831~~805,~~616~~995,~~155~~262.0947 4,~~422~~184,~~496~~334.2060 2520,~~620~~045,~~892~~001.6234

Certificateholder Distribution Summary (continued) Current Ending Cumulative Realized Certificate Total Realized Class Loss Balance Distribution Losses A-1 0.00 ~~252~~232,~~621~~576,~~957~~955.0369 2620,~~130~~547,~~945~~468.2167 0.00 A-2 0.00 346,754,000.00 ~~694~~746,~~197~~425.8611 0.00 A-3 0.00 68,976,000.00 ~~150~~160,~~963~~950.2539 0.00 M-1 0.00 45,594,000.00 ~~102~~109,~~625~~138.2331 0.00 M-2 0.00 36,131,000.00 98103,~~987~~597.43 0.00 M-3 0.00 9,033,000.00 2627,~~353~~455.2263 0.00 M-4 0.00 8,603,000.00 2728,~~774~~741.9030 0.00 M-5 0.00 8,603,000.00 2829,~~921~~852.8443 0.00 M-6 0.00 8,603,000.00 4142,~~538~~074.1090 0.00 M-7 0.00 2,581,000.00 12,~~461~~622.9196 0.00 M-8 0.00 6,022,000.00 29,~~076~~451.1994 0.00 M-9 0.00 5,161,000.00 2425,~~919~~241.0003 0.00 CE 0.00 7,312,305.44 2,~~300~~103,~~739~~762.3975 0.00 R-1 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 P 0.00 0.00 ~~373~~262,~~885~~553.2909 0.00 Totals 0.00 ~~805~~785,~~995~~950,~~262~~261.4713 3024,~~043~~229,~~388~~335.8294 0.00 All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee.

Principal Distribution Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss (1) A-1 306,897,000.00 ~~278~~252,~~242~~621,~~849~~957.6503 0.00 2520,~~620~~045,~~892~~001.6234 0.00 0.00 A-2 346,754,000.00 346,754,000.00 0.00 0.00 0.00 0.00 A-3 68,976,000.00 68,976,000.00 0.00 0.00 0.00 0.00 M-1 45,594,000.00 45,594,000.00 0.00 0.00 0.00 0.00 M-2 36,131,000.00 36,131,000.00 0.00 0.00 0.00 0.00 M-3 9,033,000.00 9,033,000.00 0.00 0.00 0.00 0.00 M-4 8,603,000.00 8,603,000.00 0.00 0.00 0.00 0.00 M-5 8,603,000.00 8,603,000.00 0.00 0.00 0.00 0.00 M-6 8,603,000.00 8,603,000.00 0.00 0.00 0.00 0.00 M-7 2,581,000.00 2,581,000.00 0.00 0.00 0.00 0.00 M-8 6,022,000.00 6,022,000.00 0.00 0.00 0.00 0.00 M-9 5,161,000.00 5,161,000.00 0.00 0.00 0.00 0.00 CE 7,313,227.77 7,312,305.44 0.00 0.00 0.00 0.00 R-1 0.00 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 0.00 0.00 0.00 0.00 Totals 860,271,227.77 ~~831~~805,~~616~~995,~~155~~262.0947 0.00 2520,~~620~~045,~~892~~001.6234 0.00 0.00 (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Principal Distribution Statement (continued) Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution A-1 2520,~~620~~045,~~892~~001.6234 ~~252~~232,~~621~~576,~~957~~955.0369 0.~~82314899~~75783392 2520,~~620~~045,~~892~~001.6234 A-2 0.00 346,754,000.00 1.00000000 0.00 A-3 0.00 68,976,000.00 1.00000000 0.00 M-1 0.00 45,594,000.00 1.00000000 0.00 M-2 0.00 36,131,000.00 1.00000000 0.00 M-3 0.00 9,033,000.00 1.00000000 0.00 M-4 0.00 8,603,000.00 1.00000000 0.00 M-5 0.00 8,603,000.00 1.00000000 0.00 M-6 0.00 8,603,000.00 1.00000000 0.00 M-7 0.00 2,581,000.00 1.00000000 0.00 M-8 0.00 6,022,000.00 1.00000000 0.00 M-9 0.00 5,161,000.00 1.00000000 0.00 CE 0.00 7,312,305.44 0.99987388 0.00 R-1 0.00 0.00 0.00000000 0.00 R-2 0.00 0.00 0.00000000 0.00 P 0.00 0.00 0.00000000 0.00 Totals 2520,~~620~~045,~~892~~001.6234 ~~805~~785,~~995~~950,~~262~~261.4713 0.~~93690831~~91360752 2520,~~620~~045,~~892~~001.6234

Principal Distribution Factors Statement Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Class (2) Amount Balance Distribution Distribution Accretion A-1 306,897,000.00 ~~906~~823.~~63268018~~14899471 0.00000000 8365.~~48368547~~31507750 0.00000000 A-2 346,754,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 A-3 68,976,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-1 45,594,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-2 36,131,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-3 9,033,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-4 8,603,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-5 8,603,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-6 8,603,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-7 2,581,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-8 6,022,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 M-9 5,161,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 CE 7,313,227.77 999.87388195 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000000 0.00000000 0.00000000 0.00000000 (2) All Classes are per $1,000 denomination.

Principal Distribution Factors Statement (continued) Total Ending Ending Total Realized Principal Certificate Certificate Principal Class Loss (3) Reduction Balance Percentage Distribution A-1 0.00000000 8365.~~48368547~~31507750 ~~823~~757.~~14899471~~83391721 0.~~82314899~~75783392 8365.~~48368547~~31507750 A-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 A-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-4 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-5 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-6 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-7 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-8 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 M-9 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000 CE 0.00000000 0.00000000 999.87388195 0.99987388 0.00000000 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall A-1 306,897,000.00 2.~~06250~~31000% ~~278~~252,~~242~~621,~~849~~957.6503 ~~510~~502,~~111~~507.8918 0.00 0.00 A-2 346,754,000.00 2.~~25250~~50000% 346,754,000.00 ~~694~~746,~~278~~484.5631 0.00 0.00 A-3 68,976,000.00 2.~~46250~~71000% 68,976,000.00 ~~150~~160,~~980~~963.8016 0.00 0.00 M-1 45,594,000.00 2.~~53250~~78000% 45,594,000.00 ~~102~~109,~~637~~146.1697 0.00 0.00 M-2 36,131,000.00 3.~~08250~~33000% 36,131,000.00 98103,~~998~~605.9464 0.00 0.00 M-3 9,033,000.00 3.~~28250~~53000% 9,033,000.00 2627,~~356~~457.2981 0.00 0.00 M-4 8,603,000.00 3.~~63250~~88000% 8,603,000.00 2728,~~778~~743.1358 0.00 0.00 M-5 8,603,000.00 34.~~78250~~03000% 8,603,000.00 2829,~~925~~854.2080 0.00 0.00 M-6 8,603,000.00 5.~~43250~~68000% 8,603,000.00 4142,~~542~~078.9323 0.00 0.00 M-7 2,581,000.00 5.~~43250~~68000% 2,581,000.00 12,~~463~~623.3696 0.00 0.00 M-8 6,022,000.00 5.~~43250~~68000% 6,022,000.00 29,~~079~~454.5727 0.00 0.00 M-9 5,161,000.00 5.~~43250~~68000% 5,161,000.00 2425,~~921~~243.9002 0.00 0.00 CE 7,313,227.77 0.00000% 7,312,305.44 0.00 0.00 0.00 R-1 0.00 0.00000% 0.00 0.00 0.00 0.00 R-2 0.00 0.00000% 0.00 0.00 0.00 0.00 P 0.00 0.00000% 0.01 0.00 0.00 0.00 Totals 860,271,227.77 1,~~748~~818,~~074~~162.7393 0.00 0.00

Interest Distribution Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (4) Distribution Shortfall Balance A-1 5939.3085 0.00 ~~510~~502,~~052~~467.5933 0.00 ~~252~~232,~~621~~576,~~957~~955.0369 A-2 8059.7120 0.00 ~~694~~746,~~197~~425.8611 0.00 346,754,000.00 A-3 1712.5577 0.00 ~~150~~160,~~963~~950.2539 0.00 68,976,000.00 M-1 118.9366 0.00 ~~102~~109,~~625~~138.2331 0.00 45,594,000.00 M-2 118.5122 0.00 98103,~~987~~597.43 0.00 36,131,000.00 M-3 32.0618 0.00 2627,~~353~~455.2263 0.00 9,033,000.00 M-4 32.2328 0.00 2728,~~774~~741.9030 0.00 8,603,000.00 M-5 32.3637 0.00 2829,~~921~~852.8443 0.00 8,603,000.00 M-6 43.8333 0.00 4142,~~538~~074.1090 0.00 8,603,000.00 M-7 1.4500 0.00 12,~~461~~622.9196 0.00 2,581,000.00 M-8 32.3833 0.00 29,~~076~~451.1994 0.00 6,022,000.00 M-9 2.9000 0.00 2425,~~919~~241.0003 0.00 5,161,000.00 CE 0.00 0.00 2,~~300~~103,~~739~~762.3975 0.00 7,312,305.44 R-1 0.00 0.00 0.00 0.00 0.00 R-2 0.00 0.00 0.00 0.00 0.00 P 0.00 0.00 ~~373~~262,~~885~~553.2909 0.00 0.01 Totals ~~203~~144.2119 0.00 4,~~422~~184,~~496~~334.2060 0.00 (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

Interest Distribution Factors Statement Beginning Payment of Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class (5) Amount Rate Balance Interest Shortfall Shortfall A-1 306,897,000.00 2.~~06250~~31000% ~~906~~823.~~63268018~~14899471 1.~~66215991~~63738055 0.00000000 0.00000000 A-2 346,754,000.00 2.~~25250~~50000% 1000.00000000 2.~~00222221~~15277779 0.00000000 0.00000000 A-3 68,976,000.00 2.~~46250~~71000% 1000.00000000 2.~~18888889~~33361111 0.00000000 0.00000000 M-1 45,594,000.00 2.~~53250~~78000% 1000.00000000 2.~~25111111~~39388889 0.00000000 0.00000000 M-2 36,131,000.00 3.~~08250~~33000% 1000.00000000 2.~~74000000~~86749993 0.00000000 0.00000000 M-3 9,033,000.00 3.~~28250~~53000% 1000.00000000 23.~~91777815~~03972213 0.00000000 0.00000000 M-4 8,603,000.00 3.~~63250~~88000% 1000.00000000 3.~~22888876~~34111124 0.00000000 0.00000000 M-5 8,603,000.00 34.~~78250~~03000% 1000.00000000 3.~~36222248~~47027781 0.00000000 0.00000000 M-6 8,603,000.00 5.~~43250~~68000% 1000.00000000 4.~~82888876~~89111124 0.00000000 0.00000000 M-7 2,581,000.00 5.~~43250~~68000% 1000.00000000 4.~~82888803~~89111197 0.00000000 0.00000000 M-8 6,022,000.00 5.~~43250~~68000% 1000.00000000 4.~~82888907~~89111093 0.00000000 0.00000000 M-9 5,161,000.00 5.~~43250~~68000% 1000.00000000 4.~~82888975~~89111025 0.00000000 0.00000000 CE 7,313,227.77 0.00000% 999.87388195 0.00000000 0.00000000 0.00000000 R-1 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 (5) All Classes are per $1,000 denomination.

Interest Distribution Factors Statement (continued) Remaining Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses (6) Distribution Shortfall Balance A-1 0.~~00019322~~00012985 0.00000000 1.~~66196669~~63725071 0.00000000 ~~823~~757.~~14899471~~83391721 A-2 0.~~00023276~~00017073 0.00000000 2.~~00198948~~15260706 0.00000000 1000.00000000 A-3 0.~~00025444~~00018514 0.00000000 2.~~18863445~~33342597 0.00000000 1000.00000000 M-1 0.~~00026166~~00018994 0.00000000 2.~~25084945~~39369895 0.00000000 1000.00000000 M-2 0.~~00031856~~00022751 0.00000000 2.~~73968144~~86727270 0.00000000 1000.00000000 M-3 0.~~00033876~~00024134 0.00000000 23.~~91743828~~03948079 0.00000000 1000.00000000 M-4 0.~~00037545~~00026502 0.00000000 3.~~22851331~~34084622 0.00000000 1000.00000000 M-5 0.~~00039056~~00027549 0.00000000 3.~~36183192~~47000232 0.00000000 1000.00000000 M-6 0.~~00056143~~00038707 0.00000000 4.~~82832733~~89072417 0.00000000 1000.00000000 M-7 0.~~00056180~~00038745 0.00000000 4.~~82832623~~89072453 0.00000000 1000.00000000 M-8 0.~~00056128~~00038691 0.00000000 4.~~82832780~~89072401 0.00000000 1000.00000000 M-9 0.~~00056191~~00038752 0.00000000 4.~~82832784~~89072467 0.00000000 1000.00000000 CE 0.00000000 0.00000000 ~~314~~287.~~59971744~~66542164 0.00000000 999.87388195 R-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 R-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 P 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 (6) Amount Does Not Include Excess Special Hazard, Bankruptcy,or Fraud Losses Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.

CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 2924,~~997~~284,~~524~~926.5279 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Loss (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties ~~373~~262,~~885~~553.2909 Total Deposits 3024,~~371~~547,~~409~~479.8188 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee ~~328~~318,~~020~~143.9994 Payment of Interest and Principal 3024,~~043~~229,~~388~~335.8294 Total Withdrawals (Pool Distribution Amount) 3024,~~371~~547,~~409~~479.8188 Ending Balance 0.00

PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 Non-Supported Prepayment/Curtailment Interest Shortfall ~~204~~145.5004

SERVICING FEES Gross Servicing Fee ~~316~~307,~~932~~397.7734 Credit Risk Manager Fee 1110,~~088~~746.2260 Trustee Fee 0.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 Net Servicing Fee ~~328~~318,~~020~~143.9994

LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS DELINQUENT BANKRUPTCY FORECLOSURE REO Total No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0 0 0 0 0.00 0.00 0.00 0.00 30 Days 667 0 0 0 667 91,~~786~~856,~~477~~444.8635 0.00 0.00 0.00 91,~~786~~856,~~477~~444.8635 60 Days 191 0 0 0 191 3231,~~332,427~~059.5496 0.00 0.00 0.00 3231,~~332,427~~059.5496 90 Days 101 01 07 0 109 1174,~~731,546~~844.6357 0445,734.0027 01,283,387.0030 0.00 1,~~731~~903,~~546~~966.6314 120 Days 10 0 0 0 10 ~~10,995~~0.00 0.00 0.00 0.00 ~~10,995~~0.00 150 Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 180+ Days 0 0 0 0 0 0.00 0.00 0.00 0.00 0.00 Totals 969 01 07 0 9617 142,~~861~~262,~~447~~348.0388 0445,734.0027 01,283,387.0030 0.00 143,~~861~~991,~~447~~470.0345 No of Loans No of Loans No of Loans No of Loans No of Loans Principal Balance Principal Balance Principal Balance Principal Balance Principal Balance 0-29 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 30 Days 10.~~554770~~168553% 0.000000% 0.000000% 0.000000% 10.~~554770~~168553% 10.~~213203~~235998% 0.000000% 0.000000% 0.000000% 10.~~213203~~235998% 60 Days 0.~~447585~~024079% 0.000000% 0.000000% 0.000000% 0.~~447585~~024079% 0.~~413112~~029373% 0.000000% 0.000000% 0.000000% 0.~~413112~~029373% 90 Days 0.~~235571~~024079% 0.~~000000~~024079% 0.~~000000~~168553% 0.000000% 0.~~235571~~216711% 0.~~214655~~022227% 0.~~000000~~056663% 0.~~000000~~163149% 0.000000% 0.~~214655~~242039% 120 Days 0.~~023557~~000000% 0.000000% 0.000000% 0.000000% 0.~~023557~~000000% 0.~~001363~~000000% 0.000000% 0.000000% 0.000000% 0.~~001363~~000000% 150 Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% Totals 20.~~261484~~216711% 0.~~000000~~024079% 0.~~000000~~168553% 0.000000% 20.~~261484~~409343% 10.~~842333~~287598% 0.~~000000~~056663% 0.~~000000~~163149% 0.000000% 10.~~842333~~507410%

OTHER INFORMATION Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 97157,~~935~~985.1748

COLLATERAL STATEMENT Collateral Description Fixed & Mixed ARM Weighted Average Gross Coupon 6.~~315656~~313966% Weighted Average Net Coupon 5.~~858330~~856300% Weighted Average Pass-Through Rate 5.~~858330~~856300% Weighted Average Maturity (Stepdown Calculation ) ~~351~~350 Beginning Scheduled Collateral Loan Count 4,~~353~~245 Number Of Loans Paid In Full ~~108~~92 Ending Scheduled Collateral Loan Count 4,~~245~~153 Beginning Scheduled Collateral Balance ~~831~~805,~~616~~995,~~155~~262.0947 Ending Scheduled Collateral Balance ~~805~~785,~~995~~950,~~262~~261.4713 Ending Actual Collateral Balance at 3130-~~Oct~~Nov-2004 ~~806~~786,~~664~~635,~~578~~856.0756 Monthly P &I Constant 54,~~085~~931,~~504~~261.1447 Special Servicing Fee 0.00 Prepayment Penalties ~~373~~262,~~885~~553.2909 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 Scheduled Principal ~~708~~690,~~669~~405.1572 Unscheduled Principal 2419,~~912~~354,~~223~~595.4762 Required Overcollateralization Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized reduction Amount 0.00 Specified O/C Amount 7,312,305.44 Overcollateralized Amount 7,312,305.44 Overcollateralized Deficiency Amount 0.00 Base Overcollateralized Amount 0.00 Extra principal distribution Amount 0.00 Excess Cash Amount 2,~~300~~103,~~534~~762.8975

Miscellaneous Reporting Available Funds 12,~~918~~048,~~797~~680.7306 Available Funds 2822,~~135~~191,~~678~~401.0163 Cap Carryover Amount 0.00

Filing Compare · ABFC Asset-Backed Certificates, Series 2004-HE1